Bitcoin Ordinals creator Casey Rodarmor pitches BRC-20 alternative ‘Runes’
BRC-20 enables the minting and transfer of fungible tokens via the Ordinals protocol on Bitcoin.” Protocols that are UTXO-based fit more naturally into Bitcoin and promote UTXO set minimization by preventing the production of “junk” UTXOs.” TLDR on Runes – A potential fungible token procedure for Bitcoinᚱᚢᚾᛖᛊ- Casey stays doubtful, pointing out “99.9% are frauds and memes,” but identifies they dont appear to be going away.
Cointelegraph reached out to Rodarmor for comment however did not receive an instant response.Magazine: Blockchain games arent truly decentralized … but thats about to alter
” If this procedure had a small on-chain footprint and encouraged accountable UTXO management, it might serve as damage reduction compared to existing procedures,” Rodarmor added.UTXOs represent the amount of cryptocurrency left in a wallet following a completed transaction, where the balance is used in subsequent transactions and is stored in the UTXO database.Bitcoins UTXO design plays a role in making Bitcoin a transparent and auditable journal by avoiding the double costs problem.Rodarmor stated other fungible token protocols on Bitcoin, such as Really Good for Bitcoin, Counterparty and Omni Layer have problems of their own.Rodarmors issues with existing fungible token protocols on Bitcoin: Source: Casey Rodarmor.While Rodarmor confessed 99.9% of fungible tokens are filled with memes and frauds, he believes the ideal fungible token procedure can include worth to the Bitcoin network:” Creating a good fungible token protocol for Bitcoin might bring substantial deal charge earnings, designer mindshare, and users to Bitcoin.” Related: Ordinals still comprise bulk of Bitcoin txs despite cost collapse In a Sept. 25 Twitter Spaces with The Ordinals Show co-host Trevor Owens, Rodarmor stated he developed the Runes concept recently and that he wasnt sure whether he would pursue it any further. Shortly after the call, Owens drifted providing $100,000 from the Bitcoin Frontier Fund to potential designers that can produce a Rune application up and running as a way to additional Rodarmors proposal.Open $100k financial investment offer in upcoming @BTCFrontierFund accelerator for very first team who can get a working (not horrible) Rune indexer, issuance and/or transfer app, up live and runningDont make the tickers needed to be special, will be a shit showDM me. Severe offer. pic.twitter.com/6W0IwlhB9x— trevor.btc (@TO) September 26, 2023
The inventor of Bitcoin Ordinals is proposing a new Bitcoin-based fungible token protocol as a possible alternative to the BRC-20 token standard. The BRC-20 standard was released in March by an anonymous developer “Domo.” Within two months, the BRC-20 market cap reached $1 billion, with PEPE and ORDI among the most notable BRC-20 tokens developed on Bitcoin.New dreadful concept simply dropped: Runes.A worse-is-better fungible token procedure for Bitcoin.https:// t.co/ TPVrUvWxm8– Casey (@rodarmor) September 25, 2023